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China-Argentina ties booming


08:28, May 09, 2013

BUENOS AIRES, May 8 (Xinhua) -- Growing trade and investment ties between Beijing and Buenos Aires have resulted in more Chinese enterprises dipping their toes in the water in Argentina.

China and Argentina have enjoyed closer cooperation, with Chinese Ambassador to Argentina Yin Hengmin saying Chinese investment has skyrocketed in recent years.

Figures from the Chinese embassy in Argentina show more than 30 Chinese companies are operating here, with business ranging from television production, mineral exploration, energy, finance, to shipping and fishery.

Currently, China has become Argentina's third largest source of investment, following the United States and Spain, and its second largest trading partner.

China National Offshore Oil Corporation, China's giant offshore oil and gas producer, has purchased a 50 percent stake worth about 1 billion U.S. dollars in Pan American Energy, Argentina's second biggest oil company.

Sinopec Group, China's state-owned oil producer, has acquired assets of U.S. and western oil companies in Argentina, worth a total of 2 billion dollars.

Industrial and Commercial Bank of China, a major Chinese state-owned commerical bank, has taken an 80 percent stake in Standard Bank Argentina for about 600 million dollars.

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Email|Print|Comments(Editor:HuangBeibei、Yao Chun)

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